PG Electroplast surges 25% in two trading sessions

The stock rallied 11% to Rs 187, extending its Thursday over 14% surge on the BSE.

PG Electroplast (PGEL) has rallied 11% to Rs 187, extending its Thursday over 14% surge on the BSE, after the rating agency ICRA assigned its long-term rating of ICRA BB to Rs 50 crore fund based and non-fund based bank facilities of the company with stable outlook.

“The ratings factor in improvement in PGEL’s financial profile in FY16 as evident in improved profitability, lower debt levels and better coverage indicators. PGEL’s shift towards higher value added segments like molding components, automobile parts, kitchen appliances and sanitary ware etc has resulted in better operating profitability,” ICRA  said in a statement.

ICRA will continue to monitor developments with regard to the SEBI order over the irregularities in use of the company’s IPO proceeds and the company’s appeal to SAT4 for the same and take rating action based on the developments, the rating agency said. LINK

At 01:38 PM, the stock was up 9% at Rs 186 on the BSE, compared to 0.39% decline in the S&P BSE Sensex. A combined 693,555 shares changed hands on the counter so far against an average sub 200,000 shares that were traded daily in past two weeks on the BSE and NSE.